This package includes $23.5 billion in contributions from 48 high- and middle-income countries (File)
Washington:
The World Bank’s Fund for the World’s Poorest Countries has poured $93 billion in cash to help scale pandemic recovery aid and other programs, the organization announced Wednesday.
This is the largest-ever addition to the International Development Association (IDA), which provides grants to 74 countries, most of which are in Africa, that organizes development loans. based in Washington said.
The package includes $23.5 billion in contributions from 48 high- and middle-income countries as well as capital market financing and contributions from the World Bank itself, according to a statement.
“Today’s generous pledge by our partners is an important step towards supporting poor countries in their efforts to recover from the Covid-19 crisis,” said World Bank President David Malpass.
The IDA Fund is replenished every three years, but because of the pandemic, the latest injection has been pulled forward a year and will run until June 2025.
The World Bank says these funds will help countries better prepare for future crises, including pandemics, financial shocks and natural disasters.
While the funds will support countries around the globe, resources are increasingly pouring into Africa, where about 70% of the funding will be received.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)
